Chinese bank’s software chief jailed after finding way to withdraw US$1m in ‘free’ cash from ATMs | South China Morning Post

A senior programmer with a Chinese bank who developed a way to withdraw more than US$1 million in “free” cash from ATMs has been jailed for 10 and a half years.

Qin Qisheng, 43, a former manager in Huaxia Bank’s technology development centre in Beijing, spotted a loophole in the bank’s core operating system that meant cash withdrawals made around midnight were not recorded.

The bank accepted his explanation that he had simply been trying to test its internal security and the cash was just resting in his own account before he returned it to his employers.

But the authorities did not accept this explanation and jailed Qin for theft in December, a ruling the appeal court upheld last month....

Read more here: Chinese bank’s software chief jailed after finding way to withdraw US$1m in ‘free’ cash from ATMs | South China Morning Post.